Archive | Budget 2016

We have already discussed home loan tax benefits available in financial year 2015-16(assessment year 2016-17). You can read them in detail here. NEW: BUDGET 2017 update: Reduction in tax benefit on home loan interest for rented property. Read all the details here Budget 2016 brought some tax related changes for home buyers applicable from financial year […]

As government found it hard to bring small businessman and kirana shop owners in to the tax net; it launched the presumptive taxation scheme. It was better to have these businessmen pay some tax instead of having them outside the tax net. Since these businessmen had meagre resources they were made exempt from maintaining accounting […]

Presenting Minimal Finance. Minimal Finance are minimal posters that take a light-hearted view on current events and happenings in the world of finance and economy. A tricky and confusing world at most times, it pays to look at issues that involve our money from a different perspective. To begin this exciting journey, we have taken […]

In a move that is going to be highly appreciated and warmly welcomed, our esteemed Finance Minister Arun Jaitley has just made an announcement in the parliament that the proposal to tax EPF investments has been withdrawn. This was a highly-criticized proposal that was announced in the Budget last Monday. The proposal was to tax […]

In an interesting move, a new condition has been added to presumptive income — you stand to loose presumptive tax benefits, if you do not continue them for atleast 5 years. This additional condition has been added by substituting sub section (4) of 44AD which is – If you are opting for presumptive scheme, you must […]

Angst usually follows higher taxes, but when the government decides to axe your retirement ‘jama punji’ as we call it, an uproar is what follows. The government seems to have put its foot down with asking for a lion’s share of EPF in taxes. A fund us Indians consider pristine, only to be called out […]

Since the beginning of time, governments have cut taxes on income and people have paid them. Some governments have tried to gain popularity by raising exemption limits or by increasing deductions. But this government will go down in history as the one that taxed retirement benefits. Our beloved EPF. [EPF was fully tax free when withdrawn after 5 years of […]

While the budget side tracked important issues of GST & reduction of corporate tax rates, it had lots in store for small businesses. Gross Receipts limit raised to Rs 2 crores for small businesses for presumptive taxation – If you are a small business, you can take advantage of presumptive taxation. Presumptive taxation means you […]

If you are salaried and had high hopes pinned on this year’s Budget – be ready to swallow the bitter pill. Besides increasing the service tax rate to 15% by adding a Krishi Kalyan cess of 0.5% to existing 14.5%, there are higher taxes in store. Before we begin to talk about hard measures, here is […]

Attention Tax Payers! Today will define the rest of the year for all of us. As FM Arun Jaitley released the much anticipated Union Budget 2016, most of us were caught quickly calculating how much will we lose to tax in 2016-17! So how does the Union Budget affect you? What changed for you? Did […]